/How to Not Outlive Your Retirement Savings

How to Not Outlive Your Retirement Savings

With life expectancy continuing to rise, people in retirement have to devise thoughtful ways to spend their savings.

The key is to find a happy medium, as you don’t want to outlive your nest egg and, simultaneously, live more frugally than need be.

Fortunately, there are time-tested means to ensure you spend your money wisely throughout your golden years. (CNBC.com)

With some experts warning that $1 million in retirement savings might not even do the trick these days, it’s understandable if you’re kept up at night wondering: Will I have enough?

Here’s another question worth asking: How should I spend what I have?

A good answer to the latter can help you with the former.

Whether your nest egg is $1 million, $250,000, more or less, you’ll need to devise a smart strategy of how to spend your money so that you don’t outlive your savings. “Withdrawing too much money early in your retirement can have a devastating effect on your standard of living,” said Arielle O’Shea, a retirement and investing expert at personal finance website Nerdwallet.

Continue reading at CNBC.com.